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  1. #1
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    Default Australian Scholarships Group-Beware!

    Hello

    I've seen a couple of threads recently on people asking opinions about ASG. After having joined ASG around 3 years ago we're now pulling out, they seem to be not worth the money we spent . They have a lot of hidden clauses and things that say that we don't get the money meant for university unless kids go straight to uni after secondary studies. If you're thinking of joining or have been approached by a salesperson, I suggest you google them and read through various user forums before considering whether to join or not.

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    Default Australian Scholarships Group-Beware!

    Does anyone know about this Group: Australian Scholarship Group (ASG)?
    my Finance Adviser said: Stay away from them ! no idea pls advise !

    I asked the same question on (another forum) and it's immediately blocked by the site administrator.. A friend of mine said they are heavily under pressure to pay their debts..! by the way, pls advise if there is benefits to put on money in their funds.
    Thanks
    Ash
    Last edited by Mod-RaryGirl; 08-02-2016 at 00:31.

  3. #3
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    We have money in ASG. I've never been told not to. The OP mentioned hidden clauses abut not getting money if they don't go straight to uni etc... That isn't hidden, it was explained very clearly when we signed up. If you want to do then do it just ask lots and lots of questions.

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    I don't agree with giving your money to someone else to "mind" for some future event. I don't trust these kinds of things and 18 years or however long you have the money locked away for just seems like a massive leap of faith. what if the fund goes bust during that time?

    ditto for funeral funds.

    I'm a firm believer in investing your own money (even in just shares or an online high interest savings account, or a mix of each). that way you retain total control and, should a more urgent need arise in the mean time (a health crisis for instance), you have the funds there available for your use. no questions asked or strings attached.

  5. The Following 4 Users Say Thank You to turquoisecoast For This Useful Post:

    Carpe diem 2013  (08-02-2016),Gentoo  (08-02-2016),Jenga  (08-02-2016),Taffabella  (08-02-2016)

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    2 of my children have been with ASG since birth. I received the first repayment cheque this Jan as my DD started highschool ($1400). I have never had any problems with them. For me it was "forced" saving - the truth is most people won't invest or even save money for schooling when the children are young. Even if I never see the tertiary investment, I get every cent back that was saved over the course of highschool.

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    LaDiDah  (28-02-2016)

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    Quote Originally Posted by Kaybaby View Post
    2 of my children have been with ASG since birth. I received the first repayment cheque this Jan as my DD started highschool ($1400). I have never had any problems with them. For me it was "forced" saving - the truth is most people won't invest or even save money for schooling when the children are young. Even if I never see the tertiary investment, I get every cent back that was saved over the course of highschool.
    what is the rate of return on your investment?

    I have to respectfully disagree with the statement that most people won't save. I feel like you're suggesting most people live pay check to pay check?

    for those that own houses, you had to save for a deposit. ditto for a car loan.

    I believe if something is important enough to you, you will put the money aside.

  9. #7
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    You are much better off putting the money straight into a savings account for your child and benefit from the interest yourself rather than giving it to someone else. I started one about 15 years ago for my son but cancelled it a few months later because it was too expensive at the time and I felt it was too much risk of not getting anything back. It also adds excess pressure for kids for their future. My son is now in year 12. He's not sure what he wants to do next year but we do know the chance of him wanting to go straight to uni is very slim. For the record I opened a savings account for him that's been building up over the years & we have the freedom of how we use that money.


 

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